CreditChek Accelerates Regional Growth with Acquisition of Algosys

Nigerian fintech startup CreditChek has announced its entry into the East African market through the acquisition of Uganda-based core banking software provider Algosys. This strategic move marks a significant step in CreditChek’s mission to build comprehensive data infrastructure for responsible lending across Africa.

Building Data Rails for Financial Inclusion

Founded in 2021 by Kingsley Ibe and Lionel Orishane, CreditChek provides lenders with standardized access to credit data from multiple sources—credit bureaus, financial institutions, and alternative providers—through a unified API. This enables real-time risk assessment and more informed lending decisions, expanding financial inclusion while reducing default rates.

To date, CreditChek has processed over $60 million in credit applications across 1 million unique profiles, achieving profitability in Nigeria. The company previously raised $600,000 to fuel its expansion into new markets.

Expanding Capabilities with Algosys Acquisition

The acquisition of Algosys allows CreditChek to extend beyond data provision and offer a more complete lending infrastructure solution. With Algosys’s existing customer base of 22 financial institutions in Uganda, including lenders and microfinance providers, CreditChek gains immediate market access and integration opportunities.

“We want to move beyond simply providing data to lenders and build the entire platform that enables them to acquire customers, assess risk, originate loans, and manage those relationships throughout the loan lifecycle,” explained Ibe.

Algosys, founded in 2024 by Innocent Bigega and Simon Tayebwa, has already facilitated over 10,000 SACCO (Savings and Credit Cooperative Organization) loans through its core banking platform. The acquisition will allow Algosys to leverage CreditChek’s broader technology while continuing to serve its existing customers.

“Joining CreditChek provides access to greater resources and allows us to build even more powerful infrastructure for lenders in Uganda and beyond,” added Bigega.